BizAims

Business rules describe the operations, definitions and constraints that apply to an organization. Business rules can apply to people, processes, corporate behavior and computing systems in an organization, and are put in place to help the organization achieve its goals.

While a business rule may be informal or even unwritten, writing the rules down clearly and making sure that they don't conflict is a valuable activity. When carefully managed, rules can be used to help the organization to better achieve goals, remove obstacles to market growth, reduce costly mistakes, improve communication, comply with legal requirements, and increase customer loyalty.

             I.      Build A Cash Pool For Your Home-Based Business By Following 7 Simple Rules

          II.      3 Rules for Niche Marketing

       III.       10 Simple Rules for Growing a Successful Business

I. Build A Cash Pool For Your Home-Based Business By Following 7 Simple Rules

Although your income statement might show a healthy profit, it doesn't amount to a hill of beans if you have no cash flow. One of the biggest mistakes made by new home business owners is allowing clients and customers to buy now and pay later. In other words, extending credit.

Credit is for banks and large corporations, not for you as a home-based entrepreneur. Cash flow is the lifeblood of your business. Without it, your business will wither and die regardless of how many sales you've made or how much money is owed to you.

Cash flow represents the amount of money coming in to your business through services rendered and products sold, and money going out to cover expenses and production costs.

Your primary responsibility as a home-based business owner is to ensure the flow is consistent with more money coming in than going out so a pool starts to form to hold the overflow. This overflow is what allows you to make early payments so you can benefit from vendor discounts, to take advantage of special deals, capitalize on newfound opportunities, and easily cover unexpected emergencies. As soon as cash flow fails to produce the surplus funds you need, challenges arise and stress and overwhelm quickly follow.

Integrate these seven simple rules to your operating strategies and enjoy the benefits of a steadily growing cash pool.

1. Request payment prior to delivering your product or service. If your service is delivered over an extended period of time and asking for a one-time payment in advance isn't realistic, divide the payment into segments and request payment in advance of each new time frame. For example, if you provide weekly house cleaning, consider requesting payment at the beginning of each month in advance of providing your services - or suggest three or six months payment in advance and offer a discount as an incentive. A mere 10 percent discount over a three-month period could put an extra $100 or more into your client's pocket. Many will jump at that deal.

2. Pay every bill on time to avoid late payment charges and earlier only if special payment discounts apply. As a hair stylist working primarily with cancer patients, imagine spending one thousand dollars a month on wigs. If the supplier offers 2/10, net 30 as payment terms, you will save two percent by paying your invoice within ten days. That might only be $20, but over a year, it adds up to $240. Take advantage of this incentive with every supplier that offers it and you could keep thousands of dollars in your business that you would otherwise have spent.

3. Deposit payments as soon as you receive them. Instead of making one or two trips to the bank each month, make them daily or weekly. Letting checks lie around increases the risk of loss. Also, go to a teller when making your deposit. Using an ATM machine removes any evidence you deposited real cash or checks. An employee or technical error or internal theft could create problems you simply don't need.

4. Use a business credit card whenever possible for travel, meals, and minor expenses. This leaves more cash in your hands and defers payment. Using a card that awards travel miles also helps you cut future travel costs. I've enjoyed cruises and free flights to business conferences thanks to air miles.

5. Create continuity sales. Build a product or service into your business that your client could use on a continual basis. For example, if you run a bookkeeping business and your clients struggle with cash flow, recommend bank reconciliation services every month. Many clients hand a box of receipts to their bookkeeper at the end of each year and cross their fingers hoping they did well. Helping your clients understand exactly where they are each and every month is an exceptional service that many will jump at. One client at $30 a month would give you $360. Ten clients at the same amount, paid in advance would give you $3,600 cash at the start of the year.

6. Create something that allows you to do the work once, but profit from over and over again. For example, many of today's business owners are creating e-books (electronic books) and audio recordings sharing valuable tips, information and knowledge that improve the health, happiness and prosperity of others. Selling electronic products online removes production costs and provides a steady flow of funds into your business.

7. Invest your overflow. Once you have built a comfortable overflow, consider investing some of it to make it grow even faster for you. Letting a large sum of money sit in your bank account does nothing to accelerate growth. Talk to an investment professional and find out how you can make that money work for you.

Start with these seven simple rules and get creative. Brainstorm ideas for special offers, continuity programs, passive revenue streams and investment possibilities. Get input from professionals, mastermind members and your coach. You can do it. They can help.---By Laurie Hayes, businessknowhow.com

II. 3 Rules for Niche Marketing

Most companies, whether big or small, direct their marketing to select niche audiences. Even the country's largest manufacturers target carefully pinpointed market segments to maximize the effectiveness of their programs and often tackle different niches for each product group. Hewlett-Packard, for example, markets all-in-one machines that print, fax and scan to segments of the home office market, while targeting larger businesses for higher-priced, single-function units.

Niche marketing can be extremely cost-effective. For instance, imagine you offer a product or service that's just right for a select demographic or ethnic group in your area, such as Hispanics or Asians. You could advertise on ethnic radio stations, which have considerably lower rates than stations that program for broader audiences. So your marketing budget would go a lot further, allowing you to advertise with greater frequency or to use a more comprehensive media mix.

Taking on a new niche can be a low-risk way to grow your business, as long as you keep in mind several important rules:

1. Meet their unique needs. The benefits you promise must have special appeal to the market niche. What can you provide that's new and compelling? Identify the unique needs of your potential audience, and look for ways to tailor your product or service to meet them. Start by considering all the product or service variations you might offer. When it comes to marketing soap, for example, not much has changed over the years. But suppose you were a soap maker and you invented a new brand to gently remove chlorine from swimmers' hair. You'd have something uniquely compelling to offer a niche market--from members of your neighborhood pool to the Olympic swim team.

2. Say the right thing. When approaching a new market niche, it's imperative to speak their language. In other words, you should understand the market's "hot buttons" and be prepared to communicate with the target group as an understanding member--not an outsider. In addition to launching a unique campaign for the new niche, you may need to alter other, more basic elements, such as your company slogan if it translates poorly to another language, for example. In instances where taking on a new niche market is not impacted by a change in language or customs, it's still vital to understand its members' key issues and how they prefer to communicate with companies like yours. For example, suppose a business that markets leather goods primarily to men through a Web site decides to target working women. Like men, working women appreciate the convenience of shopping on the Web, but they expect more content so that they can comprehensively evaluate the products and the company behind them. To successfully increase sales from the new niche, the Web marketer would need to change the way it communicates with them by expanding its site along with revising its marketing message.

3. Always test-market. Before moving ahead, assess the direct competitors you'll find in the new market niche and determine how you will position against them. For an overview, it's best to conduct a competitive analysis by reviewing competitors' ads, brochures and Web sites, looking for their key selling points, along with pricing, delivery and other service characteristics. But what if there is no existing competition? Believe it or not, this isn't always a good sign. True, it may mean that other companies haven't found the key to providing a product or service this niche will want to buy. However, it's also possible that many companies have tried and failed to penetrate this group. Always test-market carefully to gauge the market's receptiveness to your product or service and message. And move cautiously to keep your risks manageable.---By Kim T. Gordon, entrepreneur.com

III.  10 Simple Rules for Growing a Successful Business

After spending 16 years running six businesses, I’ve learned a thing or two about what it really takes to create success as an entrepreneur. To help you get on the road to creating the business—and life—you’ve always dreamed of, below are ten simple rules I’ve developed that helped me unchain myself from my business, create more success, and enjoy my life WAY more.

1. It’s up to you. Anyone who wants to have a successful, thriving business—and a fulfilling personal life—should be able to. Remember, it’s your business and your life. You have the power to make them be any way you want.

2. Marketing isn’t an optional expense. It’s a mandatory investment in the success of your business.

3. Health and happiness are critical. Sleep, get exercise, eat healthy, enjoy a hobby and take care of yourself. You always attract more success when you feel your best.

4. Have fun. If it isn’t fun make it fun, don’t do it at all, or find someone else to do it for you!

5. Redefine success on your terms. Success is not defined by how many hours you work in your business, but by how many hours you’re able to spend NOT working in it!

6. Be yourself. It’s better to be yourself versus what you think others want you to be—even in business. These days the best branding is personable, authentic and unique.

7.Spend some time unplugged each week. Go out in the woods or a park or a lake somewhere where you can hear yourself think. Voice mail and off buttons exist for a reason.

8. Just do it. While it’s always good to do research and analysis, at some point you just have to trust your gut, make a decision and take action.

9. It’s not what happens that matters, but how you deal with it. Changes that seem forced on you are almost always a good thing for your business in the long run (IE “The universe knows more than you do. Stop fighting it.”).

10.  Face your fears. The very things that scare you the most when it comes to marketing and growing your business are probably the things you most need to be doing.---By Stacy Karacostas, getmatched.org